Introduce Corporation Tax Threshold for New Buiness Startups

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Introduce Corporation Tax Threshold for New Buiness Startups

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The word "corporation" derives from corpus, the Latin word for body, or a "body of people."

How can a business startup of 1 person be considered a Corporation? It is very difficult from experience to setup as a Ltd company of one person. The PAYE and NI rules are hard enough to understand, never mind corporation tax.

I want action such that company startups should be exempt from Corporation tax, until they reach either monetary threshold or employee threshold. This is the same kind of system employed by some countries on the continent.

It will allow small business to concentrate on tax and NI and later introduce corporation tax as they grow. After all we want business to start up, so why make it difficult.

There is already too much information, too much jargon and too many options on the gov website to make this simple. All a startup should want to know first is, how much tax and how much NI to pay the HMRC.

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